Money laundering alert sparks FSA fine for Bank of Ireland

The Financial Services Authority, the UK regulator, has fined the Bank of Ireland £375,000 (€552,000) after a systems failure allowed one client to conduct £2m worth of cash transactions now at the centre of a separate money laundering investigation.

The FSA said there was a "high risk that these transactions could have been used to facilitate money laundering and they are being investigated by the appropriate law enforcement agency."

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